DENVER, COLO. — NAI Shames Makovsky has brokered the sale of an industrial building located at 4101 and 4201 E. 48th Ave. in Denver. Jeremy Fein sold the asset to 48th and Colorado LLC and East 48th LP LLC for $8.7 million in an off-market transaction. The property consists of 95,300 square feet of industrial space. The buyer plans to hold the asset as a long-term investment with significant value-add improvements. Paul Cattin and Adam Hubschman of NAI Shames Makovsky represented the buyer in the deal.
By Taylor Williams Industrial brokers and developers throughout New Jersey and Eastern Pennsylvania are flush with tenant demand, but the frenetic pace and frequency at which revenues and costs change in this market has introduced a whole new set of operating challenges. In terms of the supply side of the market, developers of industrial product, like those of every other property type, have been squeezed by supply chain disruption. Prices and lead times for ordering key materials change radically and often without warning. Developers who try to circumvent these obstacles by ordering way earlier than normal in the process now run an increased risk of having to take delivery of supplies without having all permits and sources of construction financing in place. Such a misfire in timing can create lags in delivery, potentially alienating tenants needing turnkey space and generating additional short-term costs via storage of the materials before construction begins. In addition, misaligning these timelines can spook potential investors that want the certainty of knowing that a project is moving forward. “We’re buying supplies a year in advance and trying to sync up deliveries of those materials with when we expect to have full project approval,” says Peter Polt, …
SUMMERVILLE, S.C. — Indianapolis-based partners Citimark Inc. and Pure Development Inc., along with Charleston-based NCP Capital LLC, have plans to build Coastal Crossroads, a $200 million industrial project in Summerville. Coastal Crossroads will include more than 2.5 million square feet of new industrial distribution and manufacturing space. The project is a 180-acre master planned industrial park with speculative and build-to-suit opportunities. Additionally, about 1 million square feet of space will be available in early 2023 for leasing. Located on Strathmore Road along Interstate 26, the project will be situated within 30 miles or less of three South Carolina Ports Authority terminals. The industrial park will also be 21.1 miles from Charleston International Airport and about 20 miles from downtown Charleston. Bob Barrineau, Tim Raber and Brendan Redeyoff of CBRE will handle leasing and marketing efforts for Coastal Crossroads.
KERNERSVILLE, N.C. — NorthPoint Development has broken ground on Piedmont Commerce Center, a 1.5 million-square-foot industrial park in Kernersville, about 10.6 miles from Winston-Salem. Construction is slated to be complete between the fourth quarter of 2022 and the first quarter of 2023. The expected development cost is $129 million. Piedmont Commerce Center will be a four-building industrial park located at Macy Grove Road and Salem Parkway. The buildings will range from 246,489 square feet to 669,081 square feet. The project will bring 800 full-time jobs to the area, according to NorthPoint. NAI Piedmont Triad is handling the marketing and leasing for Piedmont Commerce Center.
FORT WORTH, TEXAS — A partnership between Phoenix-based developer Creation Real Estate and J.P. Morgan Global Alternatives has broken ground on a 532,535-square-foot industrial project in Fort Worth. The site is located just off Interstate 820 and offers high visibility from that loop. The development will consist of three buildings — two rear-load and one front-load — with clear heights ranging from 32 to 36 feet. LGE Design Build is the architect and general contractor for the project. Holt Lunsford Commercial has been tapped as the leasing agent. Completion is slated for the second quarter of 2023.
ELMENDORF, TEXAS — Marcus & Millichap has arranged the sale of a 232,406-square-foot office and industrial campus located in the southeastern San Antonio suburb of Elmendorf. Built in 2012, the property consists of 11 buildings on a 108-acre site. At the time of sale, the campus, which includes outdoor storage space, was fully leased to oilfield services company Weatherford International (NASDAQ: WFRD). Patrick Doherty, David Houston and James Stewart of Marcus & Millichap represented the seller, Atlanta-based Stonemont Financial Group, in the transaction and procured the undisclosed buyer.
BOYLSTON, MASS. — Rand-Whitney, a packaging company owned by New England Patriots owner Robert Kraft, will open a 384,000-square-foot industrial facility in Boylston, located in Worcester County in the central part of the state. Design-build firm PROCON broke ground on the project earlier this month. When fully operational in April 2023, the new packaging facility will have the potential to manufacture 300 million boxes annually and will add between 50 and 100 new jobs to the local economy.
PITTSBURGH — CIT, a division of First Citizens Bank, has provided a $37.2 million acquisition loan for a 510,000-square-foot distribution center in Pittsburgh that is fully leased to Amazon and e-commerce consulting firm Nogin. The property serves as one of Amazon’s two sortation facilities in the Pittsburgh area. The borrower is Aminim Group, an investment firm with offices in Houston and Jerusalem. Specific loan terms were not disclosed.
STOCKTON, CALIF. — Colliers has arranged the sale of Hammer Lane Self Storage, a self-storage property located at 6220 Sampson Road in Stockton. Northwest Building LLC acquired the asset from Hammer Lane LLC for $25 million, or $227 per rentable square foot and $39,960 per unit. The property features 109,800 square feet in 526 fixed storage units and an additional 49,064 square feet of parking in 99 units. Tom de Jong and Dana Chobor of Colliers’ Self Storage Group represented the buyer and seller in the transaction.
CARROLLTON, TEXAS — Lee & Associates has negotiated an 85,000-square-foot industrial lease at 1700 Columbian Club Drive in the northern Dallas metro of Carrollton. According to LoopNet Inc., the property was built in 1996 and renovated in 2001. Ken Wesson of Lee & Associates represented the undisclosed landlord in the lease negotiations. Wilson Brown of CBRE represented the tenant, Lily of the Desert, a provider of organic gels and juices.